MarcPMarkets

MarcPMarkets Wizard

Bitcoin consolidation in progress. The easiest thing to do in these situations is avoid taking any trades until a new trend is established. Even smaller time frames will be harder to trade unless you are employing mean reversion strategies. At some point the market will choose which way it wants to go but trying to guess in advance is a coin flip. The broader...

MarcPMarkets Wizard

Bitcoin has adhered to my previous week's anticipated scenario almost exactly. While this may be a coincidence, I have called similar scenarios like this numerous times just see my previous articles, I left the illustration on the chart. From here, there are two scenarios to consider, one offering greater probability than the other. Let me explain. First...

MarcPMarkets Wizard

Bitcoin has retraced as anticipated in my previous article (see Wave 5). So much for all the nonsense hype at the Bitcoin conference. Bitcoin has tested the 103K area and found some support but is developing a mini bear flag (see arrow). IF the 103,500K level is broken, that confirms the corrective structure is still in play and a test of 102 to 100K can still be...

MarcPMarkets Wizard

Bitcoin may be entering a brief corrective formation within the broader bullish trend. The large red candle that rejected the 113K resistance (see my previous article), could be the beginning of a retrace that can take price as low as the 102,500 to 100K area IF bearish momentum persists. The mistake to avoid is buying this pullback too early, especially since...

MarcPMarkets Wizard Updated 

Bitcoin is attempting to break out of a minor consolidation which is a typical momentum continuation pattern. The updated wave count illustrates the potential (113K area) IF this breakout follows through over the coming week. While the structure is clearly bullish, I suspect this is a 5th of a 5th wave relative to the wave structure dating back to the 2017 peak...

MarcPMarkets Wizard

Bitcoin has lingered around the 95K resistance area over the previous week. In my opinion this is a sub wave iii completion (5 mini waves can be counted within the bullish breakout leg). This implies there is a greater probability of a retrace or sub wave iv (see wave count on chart). The retrace can go as low as the 90K support without overlapping sub wave i...

MarcPMarkets Wizard

In my previous article I describe the potential breakout if 88K was compromised. I pointed out, the compound double bottom in the 74 to 78K area implied a greater probability of price breaking out, it was just a matter of catalyst. IF anything this possibility should have told you that swing trade shorts are a lower probability and much riskier within that...

MarcPMarkets Wizard

Bitcoin is consolidating within a very tight range: between 83 and 86K. Which way it breaks is a matter of catalyst, but recognizing the break can help to better shape expectations on this time horizon. IF 83K breaks, I will be watching for the higher low scenario (see blue square), for confirmations to go long. IF 86K breaks, I will be anticipating a test of the...

MarcPMarkets Wizard

Bitcoin has rallied out of my anticipated 76K AREA reversal zone (see my previous week's analysis). I anticipated this move BEFORE all of the news and drama that transpired over the week because I focus on relevant information that came from this chart. As of now, price is fluctuating in the middle of a consolidation. While price is still attractive in terms of...

MarcPMarkets Wizard

Bitcoin has broken the 81,500 minor support and is now in the process of testing the recent swing low 78K to 76K AREA. With the lower high structure at the 88K area (see arrow) in place, a lower low is likely to follow in the coming week. The question is how much lower? One reasonable estimate is a test of 73K (the previous all time high before November). The...

MarcPMarkets Wizard

Bitcoin bear flag has become in play over the previous week as I anticipated in my previous week's analysis. While there is a potential minor support in the 81 to 80K area, the lower high established at 88K implies a lower low is likely to follow which can unfold this week. This scenario could see price retesting the 76K area low. There are a couple of potential...

MarcPMarkets Wizard

Bitcoin is in the process of developing a bear flag formation and may push higher on smaller time frames but the short term bearish structure is still intact. This means there is a higher probability that price retests the 78 to 80K once more. IF such a scenario presents itself, it may provide an opportunity for a new swing trade long (upon confirmation). IF the...

MarcPMarkets Wizard

Bitcoin has retraced off the of the 76K to 78K AREA and established a double bottom formation (see arrows). I specifically mentioned this in my previous article and talked about it further during my most recent stream. While a bear flag formation IS now present, which implies weakness on the horizon, I anticipate a higher low support around the 80K area this week...

MarcPMarkets Wizard

Bitcoin is likely to test the 78K low this week as implied by the lower high (see arrow) established on the previous Monday as a result of the "strategic reserve" news. As I specifically pointed out during my stream, that kind of swift rejection of "positive" news is a very bearish sign. IF 78K breaks, the next broader support is the 73K level (all time high...

MarcPMarkets Wizard

Bitcoin had an interesting week. In my previous article titled "Watch For 90K" I warned that 90K could be tested and if broken would introduce new support levels to watch for. The upper arrow on the chart points to the fact that there was NO reversal confirmation on this time frame during the time of the 90K test. No confirmation means NO longs. Confirmation...

MarcPMarkets Wizard

Bitcoin has established a lower high at the 100K range resistance. In this context it appears a support break (lower low) is more likely to follow. This means a 90K retest can unfold as early as this week. Will 90K hold? There is NO way to know, it all depends on the price action that unfolds at that level. Having opinions of the future will NOT help you at all,...

MarcPMarkets Wizard

Bitcoin is stuck in a tight consolidation that can be very confusing and costly IF you get too wrapped up in opinions and typical internet propaganda. To participate effectively in this you either play the range levels on small times frames (see my previous week's analysis) or just stay out completely until a decisive break unfolds. When and which way it breaks is...

MarcPMarkets Wizard

Bitcoin is near the lower part of its broader bullish consolidation. This means swing trade shorts are higher risk, while longs lower risk. How you navigate this area depends on the time frame you use to evaluate your trade signal and risk. The key location to watch for the coming week is the 93,500 to 92,500 support AREA which is part of a larger support zone. A...